Northern States Financial Corporation Reports 2014 Financial Results
(firmenpresse) - WAUKEGAN, IL -- (Marketwired) -- 03/19/15 -- Northern States Financial Corporation (OTCQB: NSFC), holding company for NorStates Bank (the "Bank"), today reported net income available to common stockholders for 2014 of $15,564,000 or $0.26 per share compared with a net loss for 2013 of $2,771,000 or $0.65 per share. A significant portion of the Northern States Financial Corporation''s (the "Company") net income for 2014 resulted from the discount recognized on the redemption of its preferred stock in the second quarter of 2014. Per share book value at December 31, 2014 was $0.37.
For the three months ended December 31, 2014, the Company showed a net loss of $142,000 as compared with a net loss of $1,197,000 for the fourth quarter of 2013.
The financial results at the Bank showed 2014 earnings of $543,000 and a fourth quarter net loss of $60,000. The fourth quarter loss resulted from the disposition of non-performing assets totaling $4.9 million at a loss of $440,000 as the Bank continued its efforts to increase its overall asset quality. The Bank''s December 31, 2014 leverage capital ratio was 9.88%.
Total assets for the Company were $422 million at December 31, 2014, increasing 7.5% from year-end 2013. During 2014, the Company''s capital and deposits increased $22.7 million and $9.6 million, respectively with capital increasing $21.8 million due to the successful April 2014 capital raise. Since the capital raise, management has continued to work to reposition the Company''s balance sheet.
In regard to asset quality, the Company''s non-performing assets ("NPAs"), consisting of nonaccrual loans, loans ninety or more days past due, still accruing, loans considered troubled debt restructurings and other real estate owned, totaled $37.5 million at December 31, 2014, a reduction of $19.1 million or 34% from $56.6 million at December 31, 2013. Management anticipates continued decreases in NPAs in 2015 as a result of credit remediation and asset sales.
"2014 was a transformative year for the Company and the Bank," stated Scott Yelvington, President and Chief Operating Officer. "A successful capital raise has breathed new life into our organization. We remain focused on the reduction of non-performing assets and were pleased with the $10.0 million reduction in the fourth quarter. Further reductions, cost containment and our ability to deploy liquidity in a disciplined and prudent manner will enhance profitability in the coming quarters."
Northern States Financial Corporation is the holding company for NorStates Bank, a full-service commercial bank with eight branches in Lake County, Illinois. NorStates Bank is the successor to financial institutions dating to 1919. NorStates Bank serves the populations of northeastern Illinois and southeastern Wisconsin.
This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to, fluctuations in interest rates, inflation, government regulations, general economic conditions, competition within the business areas in which the Company conducts its operations, including the real estate market in Illinois, and other factors beyond the Company''s control. Such risks and uncertainties could cause actual results for subsequent interim periods or for the entire year to differ materially from those expressed or implied by any forward-looking statement. Readers should not place undue reliance on the forward-looking statements, which reflect management''s beliefs, expectations and assumptions only as of the date hereof. The Company undertakes no obligation to update and statement to reflect new information or subsequent events or circumstances.
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Datum: 19.03.2015 - 16:55 Uhr
Sprache: Deutsch
News-ID 1345558
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